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of <h1>Indian residents can hold foreign insurance policies with Central Government permission under FEMA regulations</h1> Indian residents may take or hold general insurance policies from foreign insurers with Central Government permission. Residents can continue holding foreign policies obtained while residing abroad. When premiums are paid from India, policyholders must repatriate maturity proceeds or claim amounts to India through banking channels within seven days of receipt. The regulation was amended in 2003 to replace an earlier prohibition on foreign insurance policies with this permission-based framework under FEMA.
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